Paramount Equity Mortgage

Review: This company was referred to me and on or about 8/26/15, I spoke to a Mortgage Consultant ([redacted]) and he started my application over the phone. Both me and my son own the property so [redacted] included both of us on the loan application. He asked us to submit several required documents. Within a day or so we submitted all the required documents. Upon his review of our application and all of our documents he contacted me and said that we should apply for a FHA Cashout Refi. Loan based on our circumstances. We agreed to continue the process and he said based on his initial review of our file he was 95% certain we would be approved based on FHA program guidelines for a refi. Cashout loan. We talked every day or two for about 10 days regarding our application. He emailed me a loan #, he provided me with info. on accessing their loan center to activate a new account and to get status updates on my loan application. He also requested that I order an appraisal at a cost of $495. Although I felt it was premature to order an appraisal at this stage because the underwriting dept. had not reviewed our file he encouraged me to proceed with the appraisal process. On 9/10/15 I ordered and paid $495 for the appraisal. On 9/15 we were asked to sign eDisclosures and to provide payoff info., etc. It took about a week for the appraiser to inspect the property and I still had not received anything about the appraisal on 09/22nd so I called [redacted] and he said he would research the matter. I called him back on 9/23rd and he did not say anything about the appraisal but he said that the underwriting dept. denied our loan due to a FHA program guideline technicality. I was upset and I told him he should have asked the underwriter to review our file before asking me to pay for an appraisal. He said he was going to talk to his manager to see if he could override the decision or at least get a refund. I called him on 9/28 and 10/1. He has not responded to me and I have not received an appraisal. I continue to be ignored.Desired Settlement: This company has been very unprofessional in handling this matter. They stop contacting me, won't return my calls or reply to my emails. As of this day (11/05/15) I have not received an appraisal or anything in writing regarding a loan denial. At the very least I want a full refund of $495 for the appraisal.

Business

Response:

I am following up to a complaint for Ms. [redacted]. I have scoured our databases and we have no record of help Ms. [redacted], the address below or the e-mail. I wasn’t sure how to best respond to this. If the customer can give me more details, we can research further.

Review: Paramount Equity collected all my information for a refinance loan and I submitted my income taxes to them upfront. I paid for an appraisal at Paramount's request making me believe that the loan would be approved, but the loan was denied by underwriting because of my income according to Paramount. They had my taxes upfront from the beginning and the denial should have been made before they made me pay the $495.00 for appraisal to [redacted],LLC , which is the company Paramount contracted to do appraisal. File # order # (system now allowing me to type these numbers) These funds were electronically withdrawn from my Wells Fargo checking account.I am requesting a full refund of the appraisal fee of $495.00.Desired Settlement: I would like a full refund of $495.00 and no further contact with Paramount Equity Mortgage.

Business

Response:

We will be refunding the customers appraisal fee as requested.

Consumer

Response:

I have reviewed the response made by the business in reference to my concern, and find that this resolution is satisfactory to me. The appraisal fee was refunded to my bank account. However, my mortgage company has charged me a $30.00 fee for a payoff balance request that Paramount Equity requested on or about October 5, 2015. I am also requesting the refund of $30.00 for this fee charged to my mortgage account at Bank of America. I believe these are all the fees and payment of this will resolve in a final resolution. Thank you

Review: What began as a very promising work relationship and opportunity to refi turned into a major disappointment and unprofessional end. I began working with this office the last week of May 2015. By the 2nd week of July we were nearing the close of my refi. I paid for an appraisal in June and was encouraged to not pay my current mortgage in July because the loan would close prior to July 15th. On July 15th I received a call stating I am unable to refi due to my student loans and debt to income ratio. There were no other options or solutions offered just a sorry and good luck to you... It was unprofessional of Paramount to make promises and not recognize the barrier upon pulling the initial credit report. My loan office, Liv, boasted that she had extensive experience; however, that is hard to believe because this issue was not caught. Now I'm out $450 for an appraisal, a $50 late fee front mortgage company and a $30 fee from my mortgage company for Paramount Equity requesting a pay off amount. I have never paid my mortgage late but trusted the promise that the loan would close before the mortgage was due. This was such an unnecessary and costly ordeal that could have been avoided by working with a loan officer that recognized the issue prior to ordering an appraisal and giving recommendations to skip a mortgage payment. I got a second opinion on my ability to refi and was told at first glance of my credit report that my student loan would make it difficult to proceed; however, I was given options and was not given false hope that has cost me over $500. Paramount Equity talks a good game but does not deliver and has now caused this single mom of 3 another financial hardship when I was looking for relief.Desired Settlement: Paramount Equity's decision to proceed was a mistake that has cost me time, energy and money. There is no amount my house could have appraised for that would qualify me for the refi based on my student loan so why was it ordered? I would like the appraisal fee of $450, mortgage late fee of $50 and mortgage pay off fee of $30 reimbursed. I trusted my loan officer, Liv, and now I'm out $530 which could have been avoided. I recommend some training for staff so another graduate won't fall victim.

Business

Response:

Hello,We spoke to this customer to understand the issues and she is in the process of removing the complaint. This is the first time I have done this as I just took over this program so please elt me know if I need to do anything else. Thanks you.[redacted]

Business

Response:

We refunded his money because we did move him around to a lot of people, which is what I thought was the best course of action and the right thing to do. Because he is unhappy, does this effect us at all? I want to ensure people feel we are responsive to them and helping fix their issue while we better our process from this feedback. Let me know if this will hurt us.

Review: I began the process of re-financing my home on Oct. 20th. That is the day I walked into the office in Phoenix, AZ with all my accompanying paperwork. The loan officer assisting me was named [redacted]. I was quoted a closing date of Thanksgiving. This did not happen. Phone calls were hardly returned and if they were, a call came after 5:00 pm. An appraisal was requested which cost me over $475. It took one month for me to get my copy of the appraisal. I had to keep calling and calling Paramount to be told they hadn't received it yet by the appraiser. When we contacted the appraiser, he stated Paramount received his paperwork within the week so we were just strung along. I was quoted next as closing before Christmas. This did not happen either. When I kept asking what the hold up was, I was told it was due to VA taking so long. Next came a termite report which cost me $120. By now, we were at the 2 month mark and threatened to go elsewhere. Phone calls basically stopped. We were suppose o get a call from Eric on Monday, Jan 12th, no call. Another gentleman phoned late on Tues the 13th to say we would get a call by 12:00 pm on Weds. he was sorry for the delay and apologized for our confusion. He stated he didn't know what the hold up was but assured us he was looking into it and we would know something the next day. As of tomorrow, the 20th of Jan., no call, no show, no nothing. We will be at the 3 month mark. We have since found a reputable company and have gone elsewhere. I would like my money to be refunded for both the appraisal and the termite inspection. Due to the length of time which has passed, I can't even use the appraisal for a new re-finance.Desired Settlement: Reimbursement of $475 for the appraisal and $120 for the Termite Inspection.

Business

Response:

Our EVP of Sales spoke with the consumer on 2/2/2015, and agreed to refund the cost of the appraisal and pest inspection previously paid by the consumer. To the best of our knowledge, this complaint was resolved to the consumer's satisfaction.

Consumer

Response:

I have reviewed the response made by the business in reference to my concern, and find that this resolution is satisfactory to me.

From the getgo, I was impressed with Paramount Equity Mortgage. Through my search online for refinancing info, Paramount Equity called me and introduced themselves as a lender that can assist me with a refi of my home. While talking with Paramount equity I was looking up this company at the same time on the Revdex.com web site and found they have an A+ rating, that in itself persuaded me to listen to what they had to say.

Never was I pressured, pushed/coerced in anyway with the entire refinance process. They guided me all the way and actually listened to my unique financial situation making my refinance of my home possible. Thank you

Review: I contacted Paramount Equity in regards to obtaining a cash out refi in early January. I worked directly and solely with [redacted]. In the initial correspondence with [redacted], I provided ALL documentation that he requested in regards to meeting Paramount Equity's pre-approval criteria. [redacted] looked over my info and told me I would be approved for a refi loan. [redacted] then asked me to pay the $495 appraisal fee, he assured me he wouldnt ask for the fee if he didnt feel I would be approved by underwriting. He also stated the fee would be refunded if there were any issues moving the loan forward. [redacted] also ran my credit 4 times in one week which lowered my score by 40 points. I asked why would he run it so much, He told me the score drop would not effect me. Fast forward to late february. I was told since I had a charge off from 2010 and a old lien (which I paid for and had corrected cause I was told things would move foward after clearing up) I wouldn't be approved. I have left message/emails several times to both [redacted] and [redacted]) asking why wasnt this looked at back in January before appraisal was done. There has been a lack of customer service with this company. Has been over 45 days.Desired Settlement: I would like a full refund of $495.00 appraisal fee and the 4 unnecessary credit inquires removed from my credit report asap, and no further contact with Paramount Equity Mortgage.

Business

Response:

Ms. [redacted]

Review: I feel that paramount equity misrepresented what they would be able to lower my mortgage payments from $1.845.00 a month to $1.399.00 a month.

Loan account [redacted] 4-1-2015Desired Settlement: I feel they had received monies for closing cost under false pretenses stating they could lower my payments substantially,then contact me 6 months later stating they miscalculated my taxes and my payments would be pretty much the same as they were before they refinanced my mortgage...not only did they get over $4000.00 in closing cost the ruined my only opportunity to refinance using the HARP program... And now being on permanent disability,is making it very difficult to make the payments on my

Business

Response:

We mistakenly understated the amount of the escrow impound when we established the consumer's account. This miscalculation resulted in a shortage and a subsequent increase in the consumer's monthly payment. Upon discussion with the consumer, he elected to pay the shortage directly and to cancel his escrow accounts. As a result, his monthly payment is now lower that it was prior to his refinance. In addition, we sent a refund check to him to cover the late charges he incurred when his payment was insufficient to cover his temporarily higher escrow account. The consumer's reference to being on permanent disability reflects a condition that existed prior to his refinance transaction. Today he is in a better financial situation. To the best of our knowledge, this complaint has been satisfactorily resolved.

Review: I contacted Paramount Equity in regards to obtaining funding for the purchase of a new home in early February. I worked directly and solely with [redacted]. In the initial correspondence with [redacted], I provided ALL documentation that he requested in regards to meeting Paramount Equity's pre-approval criteria. [redacted] provided me with a pre-approval letter and my Wife and I went ahead and proceeded to place an offer on a new home. After our offer was accepted and our earnest money had been taken by the Seller, [redacted] informed me that Underwriting had told him the loan would not work due to the fact that my Wife would not be employed after we made this move. I explicitly told Jonathan that this was the case in the early on conversations and his response to me was that it's irrelevant because all that is important is that my Wife has income and is working currently during the loan process. She is working now and will be during the loan process, so I have clearly been lied to by [redacted], or he is extremely incompetent, I'm not sure which but possibly both. Either way, we decided to move on to another Lender. I emailed [redacted] on 2/5/2016 at 08:41AM asking him to cancel the appraisal that he went ahead and already charged my account for, ($490). [redacted] responded immediately with "Will do". Fast forward to 9 days later, I emailed [redacted] asking why my $490 had not been refunded and asked that he address the matter immediately. [redacted]'s word for word response was "I told them to cancel it. When we were moving forward they charged the card. Calm down." How unprofessional...And now, here we are, February 23rd and my money STILL HAS NOT BEEN REFUNDED for the service that never took place but he they charged me for. To say the least, my experience with this firm has been total garbage. I hope that they refund my money without me having to take legal action.Desired Settlement: My desired outcome at this point is for Paramount Equity to follow through on what they say and refund my money that I was unjustly charged. I've incurred interest costs on this charge and would think they would do the right thing and cover those as well. Also, I've spent hours corresponding with Paramount Equity and now the Revdex.com in regards this matter and my time is not free, even though it appears Paramount Equity assumes it is.

Consumer

Response:

Paramount finally refunded my money this morning.

Review: On January 5, 2015, I began a refinance process with Paramount Equity Mortgage. I was in a refinance process with [redacted], however I was exploring other options. I was initially assigned to [redacted] in their Phoenix, AZ office. I explained my entire situation including the status of my [redacted] refinance, credit score, credit report, income, etc. I also told Mr. [redacted] that I had a two-week old appraisal and the value. I expressed my concerns for a quick refinance process and Mr. [redacted] stated that this could be completed in two weeks. Based on that assurance, and the promise of no points nor lender fees, I began the application process. I immediately forwarded all documents to Mr. [redacted] via email, and I was assigned to loan processor [redacted] in the Roseville, CA office. Over the next two weeks, Ms. [redacted] assured me that everything was moving along and told me that my loan was in the hands of upper management for final approval. From January 27th to January 30th, I continually attempted to contact Ms. [redacted], with no response. On February 3rd, Mr. [redacted] informed me that [redacted] was no longer with Paramount Equity Mortgage and that he was forwarding my message to her supervisor, [redacted].Shortly after taking over my loan, Ms. [redacted] informed me that she was leaving on vacation. However, she stated that she wanted to handle my loan personally for me. On February 11th, I asked for a complete list of items needed to close this loan. By noon the next day, I had sent all 25 items directly to Ms. [redacted]. Then, my account sat for another week with no action while Ms. [redacted] was on vacation. Upon her return from vacation on Thursday February 19th, I waited for an update on my loan. No such contact was made by Ms. [redacted]. Finally, after another four days of waiting, I contacted both Ms. [redacted] and Mr. [redacted]. I am now in week nine (9) of this two-week refinance. I have incurred over $2,000 in actual damages due to the stalling tactics of Paramount Equity Mortgage, not to mention the frustration and stress of this ridiculous situation. In my 40 years in business and real estate transactions, I have never encountered such negligence and incompetence as I have over the past nine weeks with Paramount Equity Mortgage.Desired Settlement: I want this "two-week" refinance that has turned into NINE WEEKS and that has been approved ...closed in the next TEN CALENDAR DAYS ... PLUS ... reimbursement for my $2,500 OUT-OF-POCKET losses.

Business

Response:

Mr. [redacted] was upset because he felt that his loan was in process longer than expected. During his initial call with our loan originator, Mr. [redacted] asked what the quickest timeframe we had closed a loan in was. In response, he was told two weeks but that each loan is different and can take longer. We believe that Mr. [redacted] set his expectations for a two week close, and did not feel we had set proper expectations as we continued to ask for additional conditions. In an act of good faith, we refunded his appraisal fee. After restructuring his loan transaction we were able to fund his loan on March 10, 2015. We believe we have satisfactorily satisfied his complaint.

Business

Response:

Mr. [redacted] was upset because he felt that his loan was in process longer than expected. During his initial call with our loan originator, Mr. [redacted] asked what the quickest timeframe we had closed a loan in was. In response, he was told two weeks but that each loan is different and can take longer. We believe that Mr. [redacted] set his expectations for a two week close, and did not feel we had set proper expectations as we continued to ask for additional conditions. In an act of good faith, we refunded his appraisal fee. After restructuring his loan transaction we were able to fund his loan on March 10, 2015. We believe we have satisfactorily satisfied his complaint.

Review: We applied for a mortgage refi on 9/11 w/Irvine, CA office over the phone. After being juggled between mortgage specialists and calls not being returned, I was contacted by [redacted]. The loan processor requested the subordination request to my 2nd mtg on 9/30, which they sent out reg mail, because Paramount doesn't work with [redacted]. Paramount claims they didn't receive the subordination as of the morning of 10/26. I advised [redacted] that if a new subordination needed to be requested, that I was taking my business to another company, as [redacted] tried to blame the 2nd mtg company. An hour after this conversation, [redacted] emailed and said our loan docs would be ready to sign later that day. I emailed back and asked if they had received the signed subordination doc, he replied with yes. Docs were signed that night, with the understanding he really received the signed subordination doc. 4 days after signing and 1 day past the right to cancel, I received a phone call from the processor stating they had not actually received the wet signed subordination doc and they had requested a new one, and had submitted the HUD docs to the title company anyway. I have requested several times to cancel this loan process and have yet to hear back if it's been cancelled. I've spoken with the title company and they've said they can't proceed w/out a new HUD because the one they have, isn't accurate. The employees involved have been very dishonest, misleading and arrogant towards me with this whole situation. I should never be told to just sit back and relax and stop stressing by Paramount Equity employees. Not to mention their unethical practices, that would have cost me double interest charges. Now I'm having to start completely over with a new mortgage company for my mtg refi, almost 2 months later of trying to work with Paramount Equity.Desired Settlement: I want to be refunded for the cost of my appraisal in the amount of $495. I also want the fee for the Subordination cost in the amount of $250 to be waived. I'm having to now pay these fees to another lender due to Paramount Equity's unethical practices.

Business

Response:

Thank you for bringing this issue to our attention. We have research your issues and we will be refunding your appraisal fee. As for the subordination fee, this cost was not charged to you up-front so we are unable to refund it at this time. Thank you again for bringing this to our attention and we will be taking the necessary actions internally to ensure it does not happen again.

Review: We were told that we had been accepted for the loan and that we needed to have one of their accepted appraisers appraise our house for $495. We had the appraisal done and paid for it then the Paramount rep called us and said they had gotten more information and canceled our loan.Desired Settlement: Refund the $495 apprasal fee.

Business

Response:

Mr. [redacted] was initially informed that we should have been able to complete his loan. Unfortunately, information that was not originally available came to light during our underwriting process that prevented us from approving his loan. Based on his discussions with our District Sales Manager, we believe that Mr. [redacted] has accepted our apology, has received a refund for his appraisal fee, and considers this complaint closed to his satisfaction.

Consumer

Response:

I have reviewed the response made by the business in reference to my concern, and find that this resolution is satisfactory to me.